Custodian REIT PLC (LON:CREI) has sold a 20,424 square foot town centre retail unit in Dumfries for £1.125mln.
The UK property investment company said the sale price was in line with the 30 June 2018 valuation.
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The real estate investment trust (REIT) intends to use the proceeds from the disposal to fund acquisitions better aligned with its stated investment strategy.
"Despite a good location within the town let to a strong tenant, we anticipate minimal opportunities for future rental growth and believe the disposal proceeds can be redeployed on property with better income and capital growth prospects," said Richard Shepherd-Cross, the managing director of Custodian Capital, which is the REIT's external fund manager.
Shares in Custodian were unchanged in early deals.